Middle-east Arab News Opinion | Asharq Al-awsat

OPEC Could Cut Output in March if Prices Fall: Iran - ASHARQ AL-AWSAT English Archive
Select Page

TEHRAN (Reuters) – OPEC could decide to reduce oil output again at its meeting in March if crude prices fall further, Iran’s representative to the Organization of the Petroleum Exporting Countries was quoted as saying on Sunday.

OPEC agreed last month to cut production by a record 2.2 million barrels per day (bpd), taking total curbs since September to 4.2 million bpd, the equivalent of 5 percent of global oil supply.

“If oil prices continue to fall, cutting production at the March 2009 meeting would not be unlikely,” Iran’s OPEC governor Mohammad Ali Khatibi told the oil ministry website SHANA.

“A fourth OPEC production cut in the March meeting would not be beyond expectation,” he said.

Oil prices fell 2 percent to below $41 a barrel on Friday after data showing a big rise in U.S. unemployment deepened the gloomy outlook for the world’s biggest oil consumer.

Oil prices have tumbled more than $100 from a record peak above $147 a barrel last July as the global economic downturn hit demand for fuel.

“The impact of OPEC’s recent production cut in the market should be evaluated and in case of being ineffective in preventing crude price falls, OPEC’s efforts will continue until the crude market reaches a stable condition,” Khatibi said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube